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VOL. 46 | NO. 5 | Friday, February 4, 2022

Nashville’s Big Bash generates record $30M

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The live show for Jack Daniel’s New Year’s Eve Live: Nashville’s Big Bash generated an estimated $30 million in direct visitor spending, a new record and an increase of 12% compared to 2019’s record-breaking $26.6 million in visitor spending, the Nashville Convention and Visitors Corp reports.

The event provided a boost to the local economy with a record 29,118 hotel rooms sold for Dec. 31 in Davidson County, compared to 25,529 rooms sold Dec. 31, 2019.

The live show was the centerpiece of CBS’ five-hour New Year’s Eve broadcast from Nashville, which placed second among networks in viewers during primetime and earned 4.44 million viewers.

Attendance was approximately 200,000 over the course of the night, NCVC estimates and the Metro Nashville Police Department estimated.

Attendees 11 and older were required to either submit a negative COVID test or could volunteer proof of vaccination to gain entry.

Other key highlights include:

• Visitors made up 40% of attendees.

• Majority of visitors came from the Southeast at 41%, followed by Midwest at 31%, West at 14% and Northeast at 12%.

• Three-fourths of visitors said New Year’s Eve and Nashville’s Big Bash were the top reason that brought them to Nashville.

• Hotels were the top choice for accommodations at 74%, followed by home rentals at 16%. Staying with friends and family was 9%.

• Davidson County hotel occupancy Dec. 31 was 79%.

Nashville ranks 3rd in Best Places to Invest

CrowdStreet, a real estate investing marketplace, has released its annual Best Places to Invest report for 2022, rating Nashville among its best commercial real estate cities.

Austin was No. 1 followed by Raleigh-Durham, Nashville, Orlando and Seattle.

The comprehensive report also breaks down the best places to invest in seven property sectors: multifamily, build-to-rent, industrial, office, hotel, retail and life sciences.

“We take all property types into account since the deals on our platform cover private real estate opportunities in all multifamily and commercial real estate sectors. But to make the top 20, a market must consistently rank highly across multiple real estate classes,” says Ian Formigle, CrowdStreet’s chief investment officer.

In the No. 3 position, Nashville continues to benefit from a tech sector influx; CrowdStreet ranks Nashville as the nation’s top real estate market for office space.

Cat Financial reports revenues up year to year

Nashville-based Cat Financial reported revenues of $2.56 billion for 2021, an increase of $12 million compared with 2020.

Profit was $505 million for 2021, a $212 million, or 72%, increase from 2020.

Profit before income taxes was $695 million for 2021, a $261 million, or 60%, increase from 2020.

The increase was primarily due to a $196 million decrease in provision for credit losses and a $100 million favorable impact from returned or repossessed equipment, partially offset by a $96 million increase in general, operating and administrative expenses, mostly due to higher short-term incentive compensation expense.

During 2021, retail new business volume was $13.10 billion, an increase of $2.34 billion, or 22%, from 2020. The increase was driven by higher volume across all segments with the exception of a slight decrease in Caterpillar Power Finance.

Cat Financial reported fourth quarter 2021 revenues of $643 million, an increase of $27 million, or 4%, compared with the fourth quarter of 2020. Fourth quarter 2021 profit was $122 million, a $26 million, or 27%, increase from the fourth quarter of 2020.

During the fourth quarter of 2021, retail new business volume was $3.42 billion, an increase of $313 million, or 10%, from the fourth quarter of 2020. The increase was driven by higher volume across all segments with the exception of a decrease in Asia/Pacific.

Fiberon to open facility in Columbia

Fiberon, a manufacturer of wood-alternative products, will establish new manufacturing and distribution operations in Columbia.

The company, a subsidiary of Fortune Brands Home & Security, Inc., will create 310 new jobs over the next five years.

Founded in North Carolina in 1997, Fiberon produces decking, railing and cladding, and high-quality, eco-friendly products.

The company employs more than 600 people across the U.S. through its bicoastal manufacturing and distribution operations in New London, North Carolina and Meridian, Idaho.

In the last five years, TNECD has supported nearly 20 economic development projects in Maury County resulting in roughly 3,700 job commitments and $4.3 billion in capital investment.

Bridgestone announces electric vehicle growth

Bridgestone Retail Operations, a subsidiary of Bridgestone Americas based in Nashville, plans to expand its electric and hybrid vehicle services at 44 of the company’s Firestone Complete Auto Care and Wheel Works stores in Austin, Texas and San Francisco.

The advanced services are part of the company’s broader initiative to address an increasingly electric car parc and contribute to a more sustainable society.

While electric vehicle services today account for less than 10% of total services at Bridgestone’s retail operations nationwide, demand is expected to increase significantly by the end of the decade.

Bridgestone also announced it will install a total of 50 level two plug-in charging stations at 25 Firestone Complete Auto Care and Wheel Works stores in the first quarter of 2022.

D1 Training to expand to 250-plus facilities

Franklin-based D1 Training, a fitness concept company, has set an aggressive expansion goal for 2022 to award 70-plus units that will bring its development total to over 250 facilities nationwide.

The company utilizes the five core tenets of athletic-based training to help people of all ages, from youth athletes to fitness-minded adults, achieve their sport and fitness goals.

Fueling these expansion efforts is a strategic investment from Princeton Equity Group that will propel D1 into a national brand synonymous with high-caliber athletic performance and fitness. With this partnership, D1 is positioned for major growth in 2022 and is seeking qualified, community-minded franchisees with a passion for the fitness industry.

D1 Training has experienced 48% same-store-sales growth year-over-year as the industry remains strong as ever, with an untapped growth potential in scholastic training.

The competitive landscape of youth sports is ever changing and having access to a place like D1 - where young athletes can hone their skills – is becoming increasingly important.

This paired with D1’s adult and personal training programs are providing an unmatched opportunity.

Reimagine gets $25M investment

Nashville’s Reimagine Care, a provider of technology-enabled services for cancer care, has completed a $25 million capital raise led by Santé Ventures, Martin Ventures, and LRVHealth.

The funding will be leveraged to further develop and commercialize the company’s first-of-its kind technology-enabled services platform, launch the virtual care center, and expand the patient care team.

Several strategic investors joined the financing round including the CU Healthcare Innovation Fund, a strategic health care fund affiliated with the University of Colorado Anschutz Medical Campus; City of Hope, a National Cancer Institute-designated comprehensive cancer center and founding member of the National Comprehensive Cancer Network; McKesson Ventures; and Sable Investments.

The Series A Funding comes as costs for cancer care continue to rise significantly, making up a large and rapidly growing portion of commercial and Medicare costs. In 2020, the total cost of cancer care in the U.S. was $175 billion, and more than 1.8 million patients were newly diagnosed with the disease.

Those costs are projected to rise to $246 billion by 2030.

These cost concerns are elevated by the shift toward delivering more patient-centered care and accommodating patients’ increasing interests in home care options. A recent survey reports 95% of patients preferred receiving chemotherapy and supportive cancer treatments at home as opposed to facility-based care.

Recent surveys have confirmed not only that patients would prefer to receive cancer care at home, but also that a growing number of health systems support providing home-centered treatment options.

Americano Lounge on top coffee shop list

RAVE Reviews, an independent, reader-supported website, has published its list of the 30 Best Coffee Shops in the Southeast, including four in Tennessee.

The four coffee spots in Tennessee that made the list are:

• Americano Lounge, Nashville

• Ugly Mug Coffee, Memphis

• Cadence Coffee Company, Chattanooga

• The Empty Cup, Knoxville.

From flavors like pecan (lots of pecans) and lavender to bakery menus even longer than the drink menus, Southeastern coffee shops take pride in offering Southern taste.

These companies also give meticulous care to give back to the community with donations and outreach programs.

Also true to the southern lifestyle, these coffee shops commonly have outside seating, play areas and a children’s menu, making them family-friendly.

RAVE’s ranking uses a 20-point system to assess the country’s greatest coffee shops based on nostalgia, popularity, cult following, destination and scarcity. This series’ Southeastern edition provides a comprehensive list of destinations to visit the next time you’re in or near the southern states.

TERRA’s adds Indiana recycling service

While the coronavirus has disrupted recycling programs nationwide, Nashville-based TERRA’s Done with IT mail-in program continues to provide electronics recycling to those impacted the epidemic.

TERRA has announced C&I Electronics Recycling has joined the program and will provide certified recycling services from their R2 certified facility in Evansville, Indiana.

Done with IT serves the entire continental U.S. as well as Canada with recycling options from its international network of e-Stewards and Certified R2 facilities.

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